Rosenblatt Securities Reaffirms “Buy” Rating for Lumentum (NASDAQ:LITE)

Rosenblatt Securities reiterated their buy rating on shares of Lumentum (NASDAQ:LITE) in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a $105.00 price objective on the technology company’s stock.

Several other research analysts have also recently weighed in on LITE. UBS Group reduced their price target on Lumentum from $96.00 to $78.00 and set a “neutral” rating for the company in a research report on Wednesday, May 7th. Barclays set a $75.00 price target on Lumentum and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Northland Capmk upgraded Lumentum from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. JPMorgan Chase & Co. reduced their price target on Lumentum from $105.00 to $73.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, Jefferies Financial Group started coverage on Lumentum in a report on Friday, February 21st. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Lumentum presently has a consensus rating of “Moderate Buy” and an average price target of $84.93.

Lumentum Stock Up 3.8%

Shares of LITE stock opened at $85.50 on Thursday. The stock’s 50-day simple moving average is $67.24 and its 200-day simple moving average is $75.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The firm has a market capitalization of $5.93 billion, a PE ratio of -11.12 and a beta of 1.28. Lumentum has a fifty-two week low of $38.29 and a fifty-two week high of $104.00.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. The company had revenue of $425.20 million during the quarter, compared to analysts’ expectations of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Lumentum’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the business earned $0.09 earnings per share. Equities analysts expect that Lumentum will post 0.03 earnings per share for the current year.

Insider Transactions at Lumentum

In other news, insider Yuen Wupen sold 4,716 shares of Lumentum stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total value of $362,518.92. Following the sale, the insider now directly owns 82,957 shares of the company’s stock, valued at $6,376,904.59. The trade was a 5.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Alan S. Lowe sold 10,000 shares of Lumentum stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $835,800.00. Following the completion of the sale, the director now directly owns 270,471 shares in the company, valued at $22,605,966.18. This represents a 3.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,520 shares of company stock valued at $2,103,278 over the last ninety days. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Crestline Management LP acquired a new position in Lumentum during the fourth quarter worth $4,435,000. SBI Securities Co. Ltd. acquired a new position in Lumentum during the fourth quarter worth $739,000. M&T Bank Corp boosted its stake in Lumentum by 54.2% during the fourth quarter. M&T Bank Corp now owns 18,104 shares of the technology company’s stock worth $1,520,000 after buying an additional 6,361 shares during the last quarter. Aigen Investment Management LP boosted its stake in Lumentum by 72.9% during the fourth quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock worth $1,464,000 after buying an additional 7,354 shares during the last quarter. Finally, Versor Investments LP acquired a new position in Lumentum during the fourth quarter worth $336,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Company Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.